Discover Bank checking account

Jonathan Weiss/Shutterstock
Bankrate Logo

Why you can trust Bankrate

While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

Discover Bank offers a single checking account that doesn’t charge monthly fees or require minimum deposits. As an online bank, Discover has a user-friendly platform for managing your checking account. Its mobile app is well-reviewed in the Google Play Store and Apple’s App Store. You will also have access to more than 60,000 free ATMs. The account is best suited for someone who is comfortable banking online and prefers making purchases with a debit card. Overall, Discover earned 4.1 out of 5 stars in the latest review of the bank.

Discover’s checking account

Discover’s checking account offering includes:

Account name APY Minimum deposit Monthly fee
Cashback Debit Account None None $0

Note: The APY (annual percentage yield) shown is as of Sept. 13, 2021.

Let’s take a closer look at Discover’s checking account so you can determine whether it is a good fit for you.

Discover Cashback Debit Account

Discover offers the Cashback Debit account. As the name suggests, you’ll enjoy cash back on eligible purchases made with your debit card. It can be a worthwhile reward if you put the majority of your spending on a debit card. Each month, you will be eligible to receive 1 percent cash back on up to $3,000 in debit card purchases. If you reach the $3,000 reward limit each month for the year, you would earn $360 in total cash back.

Discover operates mostly online, but you will have access to more than 60,000 no-fee ATMs around the country. Plus, you’ll have 24/7 access to a bank customer service representative over the phone.

The Discover app helps you manage your account on the go. You’ll be able to get account information, freeze your debit card, deposit checks, withdraw cash, set up travel notifications and more.

Discover Cashback Debit Account fees

As you shop for a checking account, it is important to pay close attention to the fees. Hidden checking account fees can cut into your savings. The Discover Cashback Debit account has no monthly maintenance fees and very few other fees.

With this account, you won’t have to worry about monthly maintenance fees, replacement card fees, standard check fees, online bill pay fees, insufficient funds fees, and more. You might run into a service charge for a wire transfer, however. Discover charges $30 for each outgoing wire transfer sent from your account. You could also run into ATM fees if you don’t use one of the 60,000 fee-free ATMs in the Allpoint and MoneyPass networks. 

To expand your search for a no-fee account, check out Bankrate’s list of the best free checking accounts.

Discover Cashback Debit Account promotions and bonuses

Although there is no specific sign-up cash bonus that will kickstart your banking experience with Discover, you will enjoy the cash back features.  If you prefer to use a debit card for your everyday purchases, then this is a great opportunity to enjoy cash back without opening a new credit card.

Alternatives to Discover Cashback Debit Account

The cash back feature of the Discover Cashback Debit account makes it a worthwhile option to consider. However, some people prefer to reap their cash back rewards with credit cards that offer more bang for the buck. If that’s the case, you may want to consider an interest-bearing checking account. You’ll be able to earn some interest on your checking account funds while reaping higher rewards on your spending with the right credit card.

If you are looking for a bank that can service your account in-person, then Discover is not a great fit. You may want to consider larger banks with a widespread physical bank presence such as Bank of America or Wells Fargo. But you may pay more fees and not get cash-back options.

Written by
Sarah Sharkey
Contributing writer
Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a range of subjects, including banking, savings tips, homebuying, homeownership and personal finance.